There is an exception to get a 2nd simultaneous FHA loan however you'll have to have one of these 4 situations to qualify along with 25% equity on your current property which it seems like you do (close enough):1) larger family size (evidenced with medical pictures/documents for legal adoption/birth certificates)2) You were a cosignor but not currently occupying a property of another FHA borrower and now you want to buy or qualify for your own FHA home loan3) legally separate from an exspouse with which whom you shared a FHA loan together on a home and now you want to qualify for your own FHA home loan4) you're relocating for a job (need employer offer letter signed/dated by employer or HR)Your other issue with qualification is DTI and that is often true that its capped at 45% DTI or debt to income however you can also go up to 50 or 50.5% too so there might be some room to work towards there to get that additional borrowing ability.Paying down your existing loan is probably the worst way to obtain more qualifying ability especially when your current note from FHA on your current property is at 2.70% as you mentioned. 

Minimal debt (nothing so bankrupting as student or medical debt), currently a low cost of living, and the job I have at the moment pays well. 

I feel they have misrepresented many things and keep the wool over your eyes the entire process.

Scott has some good points there, you got in this with your eyes open??

Medi-Cal debt being the other.

So it is a win regardless of what the tenants chose but it still gives the tenants the option to pick what will work best in their eyes.

It would be great to have something closer to keep an eye on the contractors if my first place needs rehab.

The reason why is because I am considered a full-time real estate professional in the eyes of the IRS.

I had my eye on this home for a bit of time towards the end of 2021 as I was in the market for a new primary residence.

If anything, I believe this is more of an indication for you to really make sure that you are securing real estate that is within close proximity to these hospitals so you can make sure you can have a scarce product for consumers (e.g. medical professionals)Hope this helps and don't hesitate to reach out if you ever need anything!